Red Sea Project Attracts First Overseas Investor

The Red Sea Project aims to transform 50 Saudi Arabian islands into luxury touristic destinations, and Virgin Group founder Richard Branson has revealed he is committed to investing in the ambitious plan.

Mr Branson recently visited the Gulf kingdom and became the fist non-Saudi investor. It is hoped further investment from overseas will be attracted as a result.

“This is an incredibly exciting time in the country’s history and I’ve always felt that there’s nothing like getting a firsthand impression,” the Virgin boss said.

The new luxury island project will help to slowly steer the kingdom away from its dependence on the oil industry.

The plan is to reinvent 34,000 square kilometres of Read Sea coastline and create resorts which will compete with destinations such as Dubai for international visitors.

The initial investment into the Red Sea Project will be provided by the Saudi Public Investment Fund, and it is predicted that the project will generate approximately 35,000 jobs in the coming years.

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